Exxaro Tiles Shares Plunge 1% as GST Department Visits for GST Violation

Exxaro Tiles shares fell more than 1% to Rs 111.25 on Tuesday.

Shares of Exxaro Tiles fell more than 1% to Rs 111.25 on Tuesday after the company said the GST department searched its Vadodara factory on March 13.

“The superintendent (prevention) officer of the GST Department searched the company’s scheme against the background of inspection of the company’s books,” it said in a regulatory filing.

“No items or documents were seized during the search operation. The search operation concluded on March 13, 2023.”

Cipla shares fell 2.5% to hit a 52-week low of Rs 858.15 earlier on Tuesday after the company reportedly came under the radar of the income tax department for potential illegality and tax avoidance, CNBC-TV18 reported.

The report said the tax department is investigating the pharmaceutical giant’s misdeclarations worth Rs 400 crore under Section 80-IA and erroneous deductions worth Rs 1,300 crore for R&D declarations.

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